I am pretty new here. I will be setting up my mining rig in a few days from now, depends if the mailman is fast or slow. Was wondering what is the most efficient way to convert your coins to money and usable to pay bills etc.
I did some research and found out that there are so many ways to do it but most importantly, what I am clueless is how do you move your mined coins? Where are they kept after successfully mined?
Basically I am a blank paper when it comes to this, MINING > MINED ZEC > ZEC WALLET > USD > BANK
I dont know how or not so sure how to get that done.
Gemini and kraken are good for wire transfers.
Then again, you could avoid both and just go with one of the reputable debit card providers in the crypto space, and top up account when needed for payments.
Best of all, depending on who you go with, most of the debit card charges (loading) are a third of that of a wire, so with that alone it’s worth considering.
I use suprnova you can set it up so you manually send it to a wallet. After a while I just send it to bittrex and sell it for btc and then I use a dutch site to sell my btc for eu.
Thanks very much for your info.
I was gonna start using Poloniex actually coz I fancy there layouts and flexibility with the alt coins. Personally I dont have any experience with them yet. But I am looking over gemini now. I’ve heard of Kraken but I also heard their fees for withdrawals are quite high about 5% and I need to get myself verified and it takes quite awhile so I heard.
Don’t be mislead.
Their front-end is immaculate but their back-end still has issues to this day.
Just search to:poloniex on twitter for further confirmation.
Kraken’s fees are higher than most of the other exchanges and their verification can take some time so it’s definitely not a joy.
Another alternative is to sell on the decentralized exchange bisq.
Only downside is that volume is low and it could take 12-24 hours for someone to buy your coins through a SEPA tx speaking from own experience.
I think most probably I will go with Kraken to sell zec for xbt. then transfer the xbt to Luno and from luno sell them and bank it to my local bank. since luno is a local malaysian company. should be easy for them to bank it to me.
Not sure my approach is the best, but what I’ve been doing is mining to a local zcash wallet (zcash4win), then use Changelly to go from ZEC to LTC (0.5% fee). I have them put the LTC directly into an LTC wallet on Coinbase. From there I bounce the LTC over to GDAX (no fee or wait to transfer between GDAX and Coinbase) where I sell as a market maker (no fee), and finally withdraw USD to my bank (no fee).
I’ve considered creating some sort of automation to replace changelly so I can pick the best exchange and maybe do better than their fee (although it is hard to beat). The biggest issue is in the time it takes to move ZEC from your wallet to an exchange, the rate can change significantly.
If you’re going down the pseudo route you can’t get much better than changelly, there’s still little competition in this area of the market.
With the rise of the DEX this should soon change things.
I’m testing suprnova and slush to mine and from there I send my Zec to cryptonator, change from Zec to Btc in here, then transfer BTC to Bitso (mexican page) exchange BTC to local currency (mexican pesos) and just withdraw to my Bank account.
Suprnova/slush > Cryptonator(Zec to btc) > Bitso (btc to $$)> Bank
Bitso only charges 1% on the exchange from BTC to MXN pesos, doesnt charge anything for withdrawal to Banks, takes less than an hour to be deposited and minimum wd is $50pesos (around 3 USD).
Do you know a better place to deposit Zec and change it to btc on same page with lower fees, including Transfer fee?
Do you know a place where you end with more btc at the end of all transactions (exchange from Zec yo btc
